Citadele Bank (Lithuania)

During the first three quarters of 2017, Citadele bank continued steadily increasing the volume of new loans

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Over the nine months of 2017, loan portfolio of Citadele bank in Lithuania increased by 8.5 percent compared with the same period last year and amounted to EUR 252 million in the end of September. The bank issued EUR 79.5 million in new loans (excluding subsidiaries) over the first nine months of this year, which is 11 percent more compared to the same period in 2016.

In the first three quarters of 2017, the bank issued EUR 9.5 million in new consumer credits to private individuals, which is 58 percent more than during the same period last year. Citadele bank issued EUR 70 million in loans to small and medium-sized enterprises and other companies (excluding subsidiaries), which is 6.814 percent more than during the first nine months of 2016.

“Stable growth of the loan portfolio indicates that both private and corporate customers trust us as their financial partner. We are able to offer financial services that meet customer needs under highly competitive conditions,” said Jūratė Jazukevičienė, Chairwoman of the Board and head of administration of Citadele bank in Lithuania.

Customer deposits of Citadele bank were also consistently growing. At the end of the third quarter of 2017, the total amount of deposits was EUR 426 million, which is 17 percent increase compared to the same period in 2016.

In the first three quarters of 2017, Citadele bank in Lithuania earned net profit of EUR 1.95 million. The bank’s net commission and interest income increased by 17 percent and reached EUR 12.3 million.

At the 30 September 2017, the total assets of Citadele bank were EUR 515.4 million, which is 11 percent increase since 30 September 2016.

Citadele Group results

In the first three quarters of the year, Citadele Group continued to demonstrate stable growth and to improve customer service for private individuals as well as MSMEs and Corporates. The Group’s net loan portfolio continued to grow and reached EUR 1,342 million – a 7% increase compared to September 2016.

In line with the Group’s strategy, Baltic private individual and SME segments contributed most to the growth. The amount of new loans granted by the Group’s banking entities in the first three quarters of 2017 was EUR 362 million, a 13% increase compared to the same period in 2016. For private individuals the amount of new loans granted was EUR 98 million, a 5% increase compared to the same period in 2016. For MSMEs and Corporates EUR 260 million were granted – a 15% increase.

The Group’s client deposits grew by 2% compared to September 2016 and reached EUR 2.8 billion.

The Citadele Group’s net profit for the first nine months of the year was EUR 2.6 million. The net result for 2017 was affected by EUR 23.2 million expense, due to deferred tax asset write-off as a result of changes in the Latvian tax legislation.

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